Page:United States Statutes at Large Volume 122.djvu/981

 12 2 STA T .958PUBLIC LA W 11 0– 2 34—M A Y 22, 2008 163oftheF e d e ralAg r icu lture Imp ro v eme n t and R eform Act of1 9 96 (7U.S . C .7 28 3 ) ) or (2) the repa y ment rate e s ta b lished for oil sunflo w er seed. (g) PAYMENTOF COTTON STO R A G ECO S TS. — (1) 2 0 08T H RO U GH 201 1 C RO P YEARS.— E ffective for each of the 2008 through 2011 crop years, the Secretary shall provide cotton storage payments in the same manner, and at the same rates as the Secretary provided storage payments for the 2006 crop of cotton, e x cept that the rates shall be reduced by 10 percent. (2) SU B SE Q UENT CROP YEARS.— B eginning with the 2012 crop year, the Secretary shall provide cotton storage payments in the same manner, and at the same rates as the Secretary provided storage payments for the 2006 crop of cotton, except that the rates shall be reduced by 20 percent. (h) AUTHOR I TY TO T EMPORARI L YA DJ UST REPAYMENT RATES.— (1) ADJUSTMENT AUTHORITY.—In the event of a severe disruption to mar k eting, transportation, or related infrastruc - ture, the Secretary may modify the repayment rate otherwise applicable under this section for marketing assistance loans under section 1201 for a loan commodity. (2) D URATION.—Any ad j ustment made under paragraph (1) in the repayment rate for marketing assistance loans for a loan commodity shall be in effect on a short-term and temporary basis, as determined by the Secretary. SEC.1205 . LOAND E FI CIENC YP AY M EN T S. (a) A V AILABILITY OF L OAN DEFICIENCY PAYMENTS.— (1) IN GENERAL.—Except as provided in subsection (d), the Secretary may make loan deficiency payments available to pro- ducers on a farm that, although eligible to obtain a marketing assistance loan under section 1201 with respect to a loan com- modity, agree to forgo obtaining the loan for the commodity in return for loan deficiency payments under this section. (2) UNSHORN PELTS, HAY, AND SILAGE.— (A) M AR K ETING ASSISTANCE LOANS.—Subject to subparagraph (B), nongraded wool in the form of unshorn pelts and hay and silage derived from a loan commodity are not eligible for a marketing assistance loan under sec- tion 1201. (B) LOAN DEFICIENCY PAYMENT.—Effective for the 2008 through 2012 crop years, the Secretary may make loan deficiency payments available under this section to pro- ducers on a farm that produce unshorn pelts or hay and silage derived from a loan commodity. (b) COMPUTATION.—A loan deficiency payment for a loan com- modity or commodity referred to in subsection (a)(2) shall be com- puted by multiplying— (1) the payment rate determined under subsection (c) for the commodity; by (2) the q uantity of the commodity produced by the eligible producers, excluding any quantity for which the producers obtain a marketing assistance loan under section 1201. (c) PAYMENT RATE.— (1) IN GENERAL.—In the case of a loan commodity, the payment rate shall be the amount by which— 7USC8 7 35.

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